The UK Debt Management Office (DMO) has announced it will sell £3.25 billion of 5¼% Treasury Gilt 2041 at auction on Tuesday, 17 November 2026. The DMO published the auction notice and prospectus on Monday, 10 November, setting out the terms for the sale of the long-dated government bond.

The gilt, identified by ISIN GB00BVP99897, will be repaid at par on 31 January 2041 and pays interest twice a year, on 31 January and 31 July. The stock was first issued on 15 October 2025, and this sale is a further issue of the same gilt rather than a new bond.

Auction terms at a glance

• Amount on offer: £3,250 million of 5¼% Treasury Gilt 2041.
• Auction date: Tuesday, 17 November 2026, with bids taken between 9.00am and 10.00am.
• Settlement: payment by CHAPS to the Bank of England by 1.30pm on Wednesday, 18 November 2026.
• Listing: the gilt is due to be admitted to trading on the London Stock Exchange's main market on 18 November 2026.
• Accrued interest: £1.569293478261 per £100 nominal, covering 31 July to 18 November 2026.

Bids may be made on a competitive or a non-competitive basis. Gilt-edged market makers (GEMMs) will submit bids through the Bloomberg Bond Auction System, and non-competitive bids may be made only by GEMMs. Members of the Approved Group may not apply for this auction. Once submitted, bids cannot be withdrawn between 10.00am on 17 November and 10.00am on Friday, 20 November.

A Post Auction Option Facility will also operate on the day of the sale, open from 12.30pm to 1.00pm on 17 November. Interest on the gilt is paid gross, without deduction of UK income tax, although holders may elect to have tax deducted by applying to the registrar, Computershare Investor Services. The gilt benefits from the FOTRA exemptions from UK taxation for non-resident holders, and it may not be stripped and reconstituted until the DMO says so in a notice.

Where the sale sits in the DMO programme

The 2041 auction is one of 12 gilt auctions the DMO plans to hold in the October-to-December quarter of 2026-27, according to its auction calendar published on 28 October. The sale follows a £4 billion auction of 4⅛% Treasury Gilt 2033 scheduled for Thursday, 12 November, and an ad hoc gilt tender on Wednesday, 11 November, for up to £1 billion of 0⅛% Treasury Gilt 2028.

The auction comes with UK government borrowing costs still elevated. The yield on the 10-year gilt stood at 5.13% on 9 November, according to YCharts data sourced from the Bank of England, little changed from 5.14% on 6 November. Yields are the return investors demand to lend to the government, and they feed through to mortgage and corporate borrowing costs across the economy.

Gilt auctions are the government's main way of raising money from investors to fund public spending. Pension funds, insurers and other long-term investors are typically the main buyers of long-dated stock such as the 2041 gilt, because its fixed half-yearly payments and repayment date suit their long-term liabilities. The result of the auction, the price investors are willing to pay and how many times the amount on offer is covered by bids, will be published by the DMO after bidding closes at 10.00am on 17 November, and will give a fresh read on demand for long-dated UK government debt.